News Archive

New York Hedge Fund to Shut Down

Jan 08, 2014

Jing Chen

Eagle River Asset Management has closed its doors following Man Group subsidiary FRM Holdings' divestment from the firm.

New York-based Eagle River CEO and chief investment officer Michael Pascutti explained to the Wall Street Journal that “the opportunity set for [the firm] to grow [the] business was seemingly poor” after FRM pulled its “significant” seeding capital from the firm.

Pascutti added that while Eagle River did receive some redemptions, it was ultimately the “[the firm’s] decision to shut down, not [the] investors.’ Investors will receive the vast majority of their money back this month.

Founded in 2011 with $100 million in assets, Eagle River peaked at just $150 million before FRM pulled its investment at the end of last year.